Autodesk Inc

ADSK: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$295.00	Hnlzd	Sqxrqggv

Autodesk Earnings: Results Ahead of Our Expectations Builds Confidence in Future Wins

Julie Bhusal Sharma , Verushka Shetty

Jun 12, 2024

We maintain our $275 fair value estimate for wide-moat Autodesk after the firm reported fiscal first-quarter results above our expectations. Management maintained its full-year targets for revenue and margins while increasing its earnings per share guide. We are encouraged by Autodesk’s continued resiliency and renewal momentum, and our long-term forecasts remain intact. Additionally, the transaction model transition is progressing well, which provides a positive indicator for future upside. Altogether, we view the current stock as undervalued.

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